CORN COMMENTS
The national average corn basis firmed 3 cents to 4 cents above July futures. The national average cash corn price dropped 27 cents to $4.24.
Basis is much weaker than the three-year average of 75 1/2 cents above futures.
SOYBEAN COMMENTS
The national average soybean basis dropped 1 1/2 cents but remained 5 1/4 cents above July futures. The national average cash price dropped 12 3/4 cents to $11.68.
Basis is much weaker than the three-year average of 54 cents above futures.
WHEAT COMMENTS
The national average soft red winter (SRW) wheat basis dropped 3/4 cent to 28 1/4 cents under July futures. The average cash price fell 41 1/2 cents to $5.13. SRW basis is better than the three-year average of 35 3/4 cents under futures.
The national average hard red winter (HRW) wheat basis firmed 3 1/4 cents to 37 cents below July futures. The average cash price fell 17 1/2 cents to $5.43. HRW basis is about in line with the three-year average of 38 cents under futures.
CATTLE COMMENTS
Cash cattle trade averaged a record $194.84 last week, up $2.29 from the previous week’s high. Cash cattle are expected to trade steady/weaker, though higher prices can’t be ruled out. Last year, the cash price was $181.33.
Choice boxed beef firmed $2.33 over the past week to $322.85. Last year at this time, Choice boxed beef prices were $327.90.
HOG COMMENTS
The average lean hog carcass price dropped $1.27 over the past week to $87.59. Last year’s lean carcass price on this date was $92.23.
The pork cutout value dropped $2.51 over the past week to $95.52. Last year at this time, the cutout price stood at $99.08.